Now that you’re a ‘proper’ adult, you’ve got to think about some grown up stuff; Do you have enough cover in your 30s and 40s?
Many people in their 30s and 40s might be slipping through the net when it comes to protection, as research indicates that this age group are most likely to be insufficiently insured1.
Do you need a higher level of cover?
I get it, you don’t want to think about it! But, f you have children who are dependent on you and your financial stability, simply covering your outstanding mortgage, won’t be enough cover. You also need to consider the cost of raising a family so that your loved ones are sufficiently supported should the worst happen.
After all, money should be the last thing anyone has to worry about if their partner dies. Despite the need to be protected, only a quarter (26%) of couples with children have adequate life cover.
Is your insurance up to date?
Overlooking your protection is easily done – the 30s and 40s are usually decades of significant milestones, so it might feel difficult for you (and your insurance) to keep up. However, putting some time aside now to review your protection needs could have a significant beneficial impact on your family’s future financial security. It is particularly important to check your cover if you have recently welcomed a child into the family, tied the knot, bought a home or become a carer for an unwell relative.
As with all insurance policies, conditions and exclusions will apply
1 Hargreaves Lansdown
Check your Critical Illness Cover meets your needs
With medic advances constantly evolving, it is important to review your critical illness cover to ensure it still meets the needs of you and your family.
Which illnesses are covered?
Insurers often revise the illnesses that are covered to reflect medical advances, so make sure you know your policy. For example, insurers will specify which illnesses are classified as cancer; in some cases, progressive cutaneous lymphoma and sarcomas are included. Also, if you have a chronic illness such as Crohn’s disease, you may need an additional layer of cover so that you are insured if a serious flare up leaves you unable to work.
Cover for your children
If you have adult children, check whether they are still protected – most regular policies only cover offspring up to the age of 21, provided they are in full time education. However, some providers offer an add-on which covers children up to 23, regardless of their student status. You may also need higher cover if you need to insure stepchildren or adopted children.
Pet owners – check your home insurance
Do you have pets? If so, is your home sufficiently insured against potential damage?
It’s not just pet insurance you need to think about, as a survey has highlighted a common misconception that destruction caused by pets will always be covered by home insurance1. In reality, it depends on the details of your specific policy – accidental damage cover and pet damage cover is not always included, so you may need to take out an additional layer of insurance.
Don’t be fooled into thinking it won’t happen to you, as one in four Brits said their home has been damaged by a pet, costing the homeowner between £500-£1000.
We can help you make sense of the small print to get the right cover – just get in touch for help.
As with all insurance policies, conditions and exclusions will apply
1 Saga
Get in touch
We understand that it isn’t always easy to talk about sensitive matters such as your health. We can guide you through the process and help you decide if your critical illness cover is suitable. For more guidance on protection, click here.
As with all insurance policies, conditions and exclusions will apply
Click here to book an appointment to discuss your next move.
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